Veeco Instruments Inc. (NASDAQ:VECO) (“Veeco” or the “Company”)
announced today that it received a letter from The NASDAQ Stock Market
LLC (“NASDAQ”) on August 14, 2013 notifying the Company that it is not
in compliance with NASDAQ Listing Rule 5250(c)(1) because its Quarterly
Report on Form 10-Q for the quarter ended June 30, 2013 (the “Form
10-Q”) was not filed on a timely basis with the Securities and Exchange
Commission (the “SEC”). NASDAQ Listing Rule 5250(c)(1) requires the
Company to timely file all required periodic financial reports with the
SEC.
As previously announced, the Form 10-Q, as well as the Company’s annual
report on Form 10-K for the year ended December 31, 2012 and quarterly
reports on Form 10-Q for the quarters ended September 30, 2012 and March
31, 2013, could not be filed timely because the Company is reviewing the
timing of the recognition of revenue and related expenses on the sale of
certain of its products. The accounting review was announced on November
15, 2012.
Veeco had previously announced that the NASDAQ Listing Qualifications
Panel informed Veeco that its request for continued listing on The
NASDAQ Stock Market until November 4, 2013 was granted. On or prior to
November 4, 2013, Veeco must regain compliance with all applicable
requirements for continued listing on The NASDAQ Stock Market including
filing its outstanding annual and periodic reports with the SEC.
The Company continues to conduct the review and intends to file its
Forms 10-Q and 10-K as soon as reasonably practicable after these
accounting matters have been resolved.
About Veeco
Veeco’s process equipment solutions enable the manufacture of LEDs,
power electronics, hard drives, MEMS and wireless chips. We are the
market leader in MOCVD, MBE, Ion Beam and other advanced thin film
process technologies. Our high performance systems drive innovation in
energy efficiency, consumer electronics and network storage and allow
our customers to maximize productivity and achieve lower cost of
ownership. For information on our company, products and worldwide
service and support, please visit www.veeco.com.
To the extent that this news release discusses expectations or
otherwise makes statements about the future, such statements are
forward-looking and are subject to a number of risks and uncertainties
that could cause actual results to differ materially from the statements
made. These factors include the risks discussed in the Business
Description and Management's Discussion and Analysis sections of Veeco's
Annual Report on Form 10-K for the year ended December 31, 2011 and in
our subsequent quarterly reports on Form 10-Q, current reports on Form
8-K and press releases. Veeco does not undertake any obligation to
update any forward-looking statements to reflect future events or
circumstances after the date of such statements.
Copyright Business Wire 2013